In March 2002 total turnover on all market segments of the Ljubljana Stock Exchange reached SIT 37.32 billion, an increase of SIT 6.7 billion on February and SIT 8.3 billion on the previous year 's average. Compared with last February the turnover was up 107%. In March 2002 shares made up 54.2%, bonds 22.8% and shares of investment funds (PIDs) 22% of total turnover. No short-term securities trades were recorded, while pension coupons participated with a 0.9% share. Compared with the month before the turnover structure remained almost the same with PIDs retaining their relatively high share of turnover and trading in pension coupons came closer to their traditional level after the record month of January. The share of the official market in total turnover in March was 60.3% (last year 's average was 66.6%)of total turnover on the Exchange. In March turnover of shares on the official market reached 78.8%of total turnover of shares, slightly below the 81.9% average of 2001.
In 21 trading days in March 41,493 trades were concluded, which meant an average of 1,976 trades per day .Compared to last month 's daily average it meant additional 304 trades per day. This increase was due to a growing number of trades with pension coupons. It was mostly sell trades of smaller coupon owners, so that the trading volume increased by 215%, with individual trades only reaching SIT 58 thousand or half the 2001 average. In March 14%of total trades were pension coupon trades.
The average daily turnover in March was above last year 's average by 25%and amounted to SIT 1.8 billion .The average value of a single trade was SIT 900 thousand, slightly below the last year 's average of SIT 1 million. The value of a single trade was SIT 337 thousand more than in March 2001.
Block trading
In March 2002 Exchange members reported 153 block trades, with a total value of SIT 18.7 billion, half the total turnover in March and slightly below last year 's average of 55.2%and less than in the previous month (54%).The average value of a single block trade was SIT 122 million in March, while the average single trade, excluding block trades was SIT 451 thousand.
The most traded securities and the members 'volume of trading
In March the five most traded securities, including block trades, which were all shares from the official market, were joined by the shares of Helios from the free market of the Exchange. Hence the top 5 shares of the month of March were: Lek,Krka, Gorenje, Petrol and Helios. They represented 53% of turnover of shares in March 2002 and 29% of total turnover on the Exchange. Compared with the previous month turnover of Helios shares grew by as much as 510%, but mostly in the form of block trading (78% of total). There was nothing new among the most traded bonds in March. The leaders were again bonds of the 2nd issue of Slovenska odškodninska družba with 19% of total turnover of bonds. Followed three bond issues of the Republic of Slovenia: 34th, 29th and 27th, together representing 42% of total bonds turnover. Among the most traded PID shares three exceeded SIT one billion turnover. These were shares of: Triglav steber 1, Infond zlat and Atena 1. Heavier trading in shares of Triglav steber 1 stood out as a major foreign investor withdrew from the fund's ownership.
In March ten most active Exchange members concluded 64.5% of total turnover, 2 percentage points more than in February. The most active were: Perspektiva BPD,Abanka and Nova Ljubljanska banka, together concluding 25% of trades on the Exchange.
Indices
March 2002 was a record month for all three leading share indices on the Exchange. The blue chip index SBI 20 again reached record values after one month's interval. Its maxi-mum value of 2,550.55 points was recorded on the last trading day of March. That was a gain of 15.2%in one month .Only on three out of 21 trading days the index lost in value.
The IPT index gained 5.6%in one month. Having surpassed the level of 1,900 points last month, in March it exceeded also the 2,000 points level reaching its peak on the last trading day (29 March)at 2,053.15 points.
The PIX index rose by 10.7% last month .It reached its all-time-high of 1,939.44 points on the last trading day in March. Similar to the other two leading share indices, PIX 's value recorded constant growth, and was in the red on only four trading days. In the last twelve months all three indices achieved very high growth. Compared with 30 March 2001 the value of SBI 20 grew the most (+48%), followed by IPT (39%)and PIX (+33%).
In March the period of decline of the bond index BIO ended. This index gained 0.2%last month. However, as a result of the long lasting downward trend its annual return remains -0.7%.
In March all six Industrial Sector Indices gained in value. The highest rise was recorded by the Oil and Gas index (+23%).Followed Pharmaceuticals and Food and Beverages with a 17%increase.A 11%gain went to the Transport index, while the lowest growth was recorded by the indices Chemicals (+8%) and Trade (+6%). For comparison sake let us mention that in February the Transport index was the biggest riser with 3.5%.
Price movements of selected shares
Prices of thirty-two shares out of a total of thirty-nine shares on the official market increased in March. In March the price of Geodetski zavod R Slovenije rose the most -by 43%. Its shares reached their high on 28 March at SIT 1,900. Their price had been growing since end of February. The company published its unaudited financial statements for 2001 on 27 February showing a 14% growth in profit. The second fastest riser in March was Droga Portorož, gaining 39% in one month. The share price reached its high at SIT 64,180.95. After stagnating at SIT 30.000 for a long time,Droga shares recorded a 90%increase in value in the last year. Similarly high yields were also achieved by shares of Istrabenz (+35%), Žito (+26%) and Salus and Lek seeing their share prices grow by one fifth. The value of five shares decreased last month. The deepest drop was again recorded by the shares of Banka Koper, which lost another SIT 6,000 (-9%) and landed at SIT 60,000.Approximately 5% of value was dropped by the shares of Gradbeno podjetje Grosuplje,Tehnounion,Delo prodaja and Emona obala Koper. A year on year comparison shows that the value of thirty-six shares on the official market increased. The biggest gainer were again the shares of Istrabenz (+134%). Followed the shares of Nika (+123%), gaining in value alongside very low trading volumes. Companies from the food industry have joined the top ranks as Droga (+90%)and Kolinska (+87%) were ranked third and fourth respectively. A long-time top gainer Banka Koper dropped off the list, but was still quoting at 41% above its price a year ago. The value of three shares fell .The worst drop was recorded by the shares of SKB banka, which lost 58%in value. Shares of Tehnounion performed slightly better (-45%),while shares of Kompas MTS dropped 3% in value.
Foreign investments
Net inflow of all foreign investments (direct and portfolio investments in shares and bonds, except primary issues) amounted to SIT 29,926.8 million in March (SIT 2,004.4 million in February), of which the organised market contributed SIT 876.2 million and off-the-organised market SIT 29,050.6 million. Foreign investors accounted for 7.93 % of the turnover of shares on the Exchange in March. Foreign ownership participated with 9.8% in the market capitalisation of shares on the Exchange at the end of February 2002.Foreign ownership reached its highest level in May 1998 -12.23%.
Market capitalization
On 31 March 2002 total market capitalization of securities,traded on the Exchange (including shares of investment funds - SIT 197.1 billion) reached SIT 1,619 billion ,which was SIT 138 billion or 9.3% more than the previous month. The highest rise was recorded by market capitalisation of shares (+11%), of which shares listed on the official market was +13%. Market capitalisation of bonds grew by 5%, PIDs by 10%, while market capitalisation of pension coupons decreased by 13%.Increased capitalisation of company and PID shares was due to price growth while increased bonds capitalisa-tion was a result of admission of two new government bonds on the official market (35th and 36th issues).
In one year market capitalisation of shares listed on the official market increased from SIT 562 billion to SIT 792 billion (by 41%), and capitalisation of shares on the free market by 45% from IT 125 billion to SIT 182 billion. On 31 March 2002 market capitalisation of all shares traded on the Exchange (SIT 973.2 billion)represented 21.3% of GDP for the year 2001 -SIT 4,566 billion (at current prices); Source: Statistical Office of the RS.
